Our markets are at the mercy of Global markets movement. Today these markets are positive, so SGX Nifty is also showing a positive start.
Some of the reasons for this are as follows:
- China on Tuesday said its official manufacturing PMI for March is 52. This indicate expansion for their manufacturing activities. That is why Asian markets are positive
- Yesterday, US markets have surged to 2% to 4%. Due to hope of discovering corona virus vaccine soon.After this news” Johnson & Johnson says it has $1bn deal with the US government to create factory capacity for more than 1 billion doses of vaccine.“
For Indian Market, the positive is flattening of infection curve till date. The good thing for India at present is ” No community spread” of corona virus.
How to trade for Today?
Indian markets are hovering around 8000 level and consolidating there. It is good thing for our markets as this is suggesting that a near term low is formed at 7500. If it continues to consolidate here for some time than chances of moving up is quite high.
Today strategy is to go long on Nifty future not at the opening but to wait for any dip at 8350- 8400 level and look for target 8550- 8600. Do not forget to place a stop loss at 8250 level. This optimism is on the back of short covering.